Commodity Traders Rake in Billions in Second Blockbuster Year
- Profits last year were down only slightly on record 2022
- Windfall shared by a few shareholders at privately held firms
The figures extend what has been the most profitable period in the history of the commodity trading industry.
Source: BloombergThis article is for subscribers only.
The world’s largest commodity traders raked in blockbuster profits for a second consecutive year in 2023, as the aftershocks of Russia’s invasion of Ukraine continued to create opportunities for physical merchants even as price volatility ebbed.
Vitol Group made a staggering $13 billion in net profit last year, while rival Mercuria Energy Group Ltd. banked about $2.7 billion, according to people familiar with the matter. In both cases, the profits were down about 10% to 15% on the previous year, but more than double the next-best year for either company.